Moving Your Business Forward
1. Find New Growth Opportunities
No matter what type of company you are, growth is an essential element in keeping a competitive edge while also ensuring future progress. Always begin with identifying your growth opportunities, whether they are consumer based, market based, or even competition based. Create a clear definition and understanding of how different growth strategies can impact your particular business performance. These tasks will help provide you with a direct road-map towards success.
Another important element that becomes an indispensable asset during the stages of business growth is access to a Finance and/or Commercial Director. Having these types of directors devoted to your firm will not only help you move your business forward more seamlessly but it will also help highlight the most profitable and possible growth opportunities for your company. Their wide-spread knowledge of commercial experience, their innate instincts for strategic planning, their talent for unlocking untapped markets, and their steady dedication, will undoubtedly guide you towards sustainable expansion.
2. Be Innovative
Innovation makes it easier to grow, regardless of the size of your business. You might be a small startup, but if you innovate effectively, you can grow your business beyond measure. The same applies to a Fortune 500 company. You might be a huge corporation, but can take even more of the market share if you manage to innovate. It’s easy for innovative companies to grow. Businesses that innovate are able to scale up and add more employees. That allows them to take on more customers and grab a bigger share of the market.
The process of innovation involves finding new growth opportunities for your business. Today’s business environment is constantly changing and these changes are a reality that every business needs to implement innovation into their strategy. Always begin with identifying your growth opportunities, whether they are consumer based, market based, or even competition based. Create a clear definition and understanding of how different innovation strategies can impact your particular business performance. These tasks will help provide you with a direct road-map towards success.
3. Succession Planning
Thinking about the next steps in succession planning? Employee Ownership has been a great method for this. In general, companies that become employee-owned tend to have a steady positive change within their work environment; their workforce becomes re-energised and motivated, which allows for significant growth. Changes around the restructuring of your business aren’t always smooth sailing, but they do have a high impact on improved business performance.
John Lewis Partnerships is the largest employee-owned company in the UK. In the challenging world of retail, the Employee Ownership structure allows the company to plan for the long term. John Lewis’ EO structure highlights the benefits of shared knowledge, power, and profit between employees, which has helped shape the company’s well-renowned culture and encouraged the happiness of its members.
Employee Ownership inspires your employees to get further involved in the company’s vision, as well as its governance. It engages them on a deeper level and motivates them towards reaching the company’s goals.
If you think you may benefit from some guidance in executing these tactics, don’t hesitate to get in touch! We are here to help you move your business forward in the most efficient fashion.